Lloyds To Axe 15,000 Employees

Lloyds Banking Groupwill lay off 15,000 employees by 2014,The Wall Street Journalreports. The group is looking to reduce annual costs by £1.5 billion in the next three years by decreasing its presence in nearly 30 countries to only 15.

Additionally, the bank will improve processes and technology, reducing management layers and centralize support functions. The savings will help the bank invest an extra £2 billion to grow its core operations in its retail banksLloyds TSB,Halifax,Bank of Scotlandand insurerScottish Widows.

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